Japan's Reported $35B Yen Intervention Revives Bitcoin Carry Risk

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Japan reportedly bought about $35 billion of yen, pushing the dollar down nearly 3% to 155.5. BOJ money-market data implied that scale, and Ministry of Finance confirmation would make it Japan’s first official yen-support action in almost two years and the second-largest on record. The BOJ-Fed short-rate gap remains about 275–300 basis points, the core mechanical driver of yen-funded carry trades.

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